Regulatory Alerts2014-04-29
Reconciliation of the definition of Public Holding
The Securities and Exchange Commission of Sri Lanka directed the Colombo Stock Exchange to adopt a unified definition of Public Holding to resolve inconsistencies between lock-in rules and minimum public float directives. This directive mandates that the definition from directive SEC/LEG/13/12/37 serves as the common standard, requiring corresponding amendments to the definitions of non-public shareholders in directives SEC/LEG/13/08/38 and SEC/LEG/13/10/16. The statement in directive SEC/LEG/13/12/37 conflicting with these definitions is revoked immediately, while the eligibility criteria in directive SEC/LEG/13/10/16 prevail in case of any conflict.
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